MORE.L Regulatory News (MORE)

Hostmore plc

Retirement of Neil Johnson and Appointment of Gavin Manson as Chairman

14 March 2022

Hostmore plc ("Hostmore"), the hospitality business which, in November last year, demerged from Electra Private Equity PLC ("Electra"), confirms, as previously indicated, Neil Johnson's intention to retire from the Board at the end of the AGM on 27 May 2022. As Electra's Chairman, Neil initiated and oversaw the successful realisation strategy of Electra including the Hostmore demerger, at which time he became Hostmore's Chairman.

Furthermore, Hostmore is pleased to announce the appointment of Gavin Manson to succeed Neil as Non-Executive Chairman of the Board with effect from the end of the AGM on 27 May 2022, subject to Gavin being elected as a director at the AGM.

Gavin Manson is currently a Non-Executive Director of Hostmore and a member of both Hostmore's Audit and Risk Committee and its Remuneration Committee. He has extensive experience in the leadership of consumer businesses in the UK and internationally in both executive and non-executive roles. Until January 2022, he was Chief Financial and Operating Officer of Electra, where he led the execution of Electra's realisation strategy. This included appointing a new management team at Hostmore's core brand, Fridays, and, with them, successfully turning around Fridays and developing the strategy for a new hospitality business under the Hostmore name. He guided and supported the newly formed Hostmore executive team through the Covid-19 pandemic, as well as the early stages of executing the new Hostmore strategy and its demerger from Electra in November 2021.

Prior to joining Electra as Chief Financial Officer in 2016, Gavin was a member of the Executive Leadership Board of Thomas Cook Group. He joined in 2013 to work on the recapitalisation of the Group and subsequently became Finance Director of the Group's £7bn revenue generating Tour Operator and Hotels Division. Gavin was Finance Director of FTSE 250 company Premier Farnell PLC from 2008 to 2013, and before that held senior finance roles within the Merck KGaA Group.

Assuming Gavin becomes Hostmore's Chairman, he will also assume the position of Chair of Hostmore's Nominations Committee and become a member of its Disclosure Committee. At this point, Gavin will cease to be a member of both Hostmore's Audit and Risk Committee and Remuneration Committee. Gavin is not viewed as being independent for the purposes of Provision 9 of the UK Corporate Governance Code due to his previous role at Electra but the Board believes that his appointment, subject to election as a director at the AGM, as Hostmore's Chairman is in the best interests of both Hostmore and its shareholders given the importance of continuity of stewardship to Hostmore as a newly listed company and the experience and knowledge that Gavin will bring to the role. By stepping down from Hostmore's Audit and Risk Committee and Remuneration Committee, on becoming Hostmore's Chairman, it will bring Hostmore into line with the requirements of the UK Corporate Governance Code that each of those Committees should only comprise independent Non-Executive Directors.

David Lis, Senior Independent Director, commented:

"On behalf of the Board, I would first like to congratulate Neil Johnson for overseeing the Electra realisation strategy where, over and above the successful listings of Hostmore and Unbound Group PLC, over £2bn has been returned to shareholders. We also thank him for agreeing to stay on the Hostmore Board to guide it through the transition to being a fully listed plc.

In choosing Neil's successor as Hostmore's Chairman, the Board saw continuity of stewardship as being a particularly important factor and we are delighted to announce Gavin's appointment, subject to Gavin being elected as a director of Hostmore at the AGM. He has led the execution of the Electra strategy and, with the new Fridays team, created Hostmore. In Gavin, we have someone who brings broad commercial and governance experience, together with significant knowledge of Hostmore, its strategy, management and stakeholders, and who therefore provides the continuity of leadership that Hostmore needs as a newly listed business.

Gavin Manson, Chairman Designate, commented:

"I am delighted and honoured that, subject to me being elected as a director of Hostmore at the AGM, I will be appointed to succeed Neil Johnson as Chairman of Hostmore. I am confident that Hostmore is well positioned to take advantage of significant growth opportunities and I very much look forward to working with Robert Cook, the Board and the management team in delivering Hostmore's strategy to the benefit of all stakeholders."

ENDS

ENQUIRIES

Hostmore plc

Robert B. Cook, Chief Executive Officer

Alan Clark, Chief Financial Officer

enquiries@hostmoregroup.com

+44 330 460 5588

Vico Partners

Sofia Newitt 

snewitt@vicopartners.com

020 3957 5045

Hostmore plc

Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, 'Fridays', and the cocktail-led bar and restaurant brand, '63rd+1st'. While Fridays has been trading for over three decades in the UK, Hostmore was established in 2021 to provide a platform for the development of hospitality brands under the leadership of an experienced management team that has a track record of building businesses in the hospitality and leisure sectors. Hostmore's businesses are defined by their iconic brand experience and vibrant heritage. As of 14 March 2022, Hostmore operates 87 restaurants in the United Kingdom and Jersey, the majority of which are in high footfall locations, including retail parks, shopping centres and city centres. Hostmore is seeking to add rapidly growing, early-stage businesses to its portfolio of complementary hospitality brands, as well as to extend its offering in other experience-led, leisure concepts, and exploring opportunities with TGI Friday's, Inc., the franchisor of Fridays, to expand its existing brands into new franchise territories.